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The IT services market in Europe, Middle East and Africa (EMEA) will grow from Dh760.5 billion in 2004 to Dh882 billion in 2009, according to a report released by Gartner Dataquest and Dubai Internet City (DIC). The EMEA IT services market grew 1.3 per cent in 2004. The predicted growth in the market represents a 3.4 per cent compound annual growth rate. "These findings are very positive for the IT services industry in the EMEA and we at Dubai Internet City (DIC) are proud to be at the forefront of a revolution." Jamal Abdul Salam, DIC's executive director, said. The update takes into account changes in the economic and political environment since the previous forecast, as well as new information about IT service providers' revenue. Growth in future years will depend on continuing economic recovery beyond 2004, particularly in the US. This recovery is important for supporting growth in capital investment and underpinning business confidence. "That fact that DIC is now going global is yet another testament to the fact that the ICT industry in the Middle East is truly coming of age," he said. DIC also recently announced that it has a signed a MoU with the Government of the South Indian state of Kerala to develop Smart City, a hi-tech business campus for information technology companies in the city of Kochi.
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